ITC recapture: Second stage of phase-out for Ontario HST

16 Jun 2016

Large businesses that exceeded $10 million in taxable and zero-rated revenues during their last fiscal year are required to recapture a portion of their input tax credits (ITCs) claimed in respect of the provincial part of the Ontario HST paid or payable on specified property and services. The first stage of the phase out of the recapture rate began on July 1, 2015. Starting July 1, 2016, the second stage of this recapture rate phase out will commence.